Dena Bank, Oriental ink pact

PTIJul 6, 2004, 05.05pm IST

MUMBAI: Dena Bank has signed an MoU with Oriental Insurance Company to distribute the latter's non-life policies.

"As per the bancassurance tie-up (on referral basis), the insurance company will have a desk at 236 branches of Dena Bank while the products would be available at all our 1,135 branches," Dena Bank chairman and managing director AK Khandelwal told newspersons here on Tuesday.

The bank would get a fixed income from the space allotted to Oriental Insurance and commission on the policies sold, he said, adding, "We are also looking at having an insurance policy for women entreprenuers in the Self Help Groups.

Oriental Insurance chairman SL Mohan said the tie-up with Dena Bank would help the entity to go further into the rural market, which has immense potential for business.

The penetration level for insurance in the country was as low as two (policies per 100) compared to seven in the world, he said.